TLDR
- Macau’s total casino revenue for the third quarter of 2026 was MOP$60.4 billion, or US$7.47 billion.
- Revenue fell 3.7% from a year earlier and 1.3% from the June quarter.
- Mass baccarat revenue dropped 7.9% year-over-year and 4.4% quarter-over-quarter, leading the decline.
- VIP baccarat revenue was flat year-over-year and rose 6.3% from the June quarter.
- The government has kept its 2026 revenue forecast of MOP$236 billion, or US$29.2 billion.
Macau’s casino industry earned less money in the third quarter of 2026. Lower revenue from mass baccarat was the main reason for the drop.
The Gaming Inspection and Coordination Bureau, known as the DICJ, released the data on Friday. It showed total gross gaming revenue, or GGR, of MOP$60.4 billion, or US$7.47 billion, for the three months.
That figure was 3.7% lower than the same period last year. It was also 1.3% below the June quarter.
The results showed a split between the different types of baccarat play. Mass baccarat fell, while VIP baccarat held steady or improved.
Mass Baccarat Leads the Decline
Mass baccarat revenue fell 7.9% from a year earlier to MOP$33.6 billion, or US$4.16 billion. Compared with the June quarter, it dropped 4.4%.
The DICJ’s mass baccarat number includes both regular mass and premium mass play. The regulator does not report premium mass revenue as a separate figure.
This means the reported decline covers the combined category. It is not possible to see from the data how premium mass play performed on its own.
Mass baccarat fell faster than the industry as a whole. Total revenue dropped 3.7% year-over-year and 1.3% from the prior quarter, while mass baccarat fell 7.9% and 4.4% over the same periods.
According to the report, the drop in this category was the main cause of the overall revenue decline.
VIP Baccarat Holds Steady
VIP baccarat showed a different trend. Revenue in this category was MOP$16.9 billion, or US$2.09 billion, unchanged from a year earlier.
Compared with the June quarter, VIP baccarat revenue rose 6.3%. It did not follow the downward path seen in mass baccarat.
However, the regulator’s VIP numbers are not easy to compare with figures from casino operators. Industry outlet IAG noted that the DICJ and Macau’s casino operators classify VIP revenue in very different ways.
The DICJ counts VIP revenue based on how it groups certain gaming tables inside Macau’s resorts. As a result, VIP gaming makes up a much smaller share of operators’ income than the regulator’s data shows.
This means the official VIP figures cannot be directly matched with what the operators report. The gap comes from how revenue is classified, not from the games themselves.
Macau’s gaming revenue outlook has been weak in recent months. The report points to the football World Cup in North America and China’s capital controls as factors affecting the market.
Even so, the government has not changed its yearly target. Chief Executive Sam Hou Fai recently said officials had given no thought to lowering the 2026 GGR forecast.
The forecast remains at MOP$236 billion, or about US$29.2 billion. His comments kept that target in place rather than setting a new one.
